22 November 2020
This industry common approach:
- outlines a clear set of guidelines for when the banks may consider that a DMF, when representing a bank customer, is not acting in the customer’s interests and banks may approach a customer directly;
- provides clarity and consistency in how member banks may deal with DMFs, recognising the importance of preserving a customer’s right to engage them, while trying to protect customers where firms may not be acting in their interest, and
- describes an approach that is consistent with competition law obligations, the Code and other regulatory guidance such as the ASIC/ACCC Debt Collection Guideline (DCG)/RG 271 and the banks’ general responsibilities to their customers.
Latest news
Australian banks strongly support the RBA’s proposed ban on debit and credit card surcharges, while overwhelmingly calling for an alternative pathway forward on interchange fees. The ABA has made the following calls in a submission to the RBA’s current consultation on the Review of Merchant Card Payment Costs and Surcharging: ABA CEO Simon Birmingham said… Read more »
Australia’s banks welcome the passing through the Senate of new legislation to ensure payments laws are up-to-date and reflect today’s digital economy. The new laws will bring digital wallets, cash distribution services, buy now, pay later schemes and other emerging payment methods within regulatory oversight, significantly enhancing protections for customers. ABA CEO Simon Birmingham said… Read more »
The ABA welcomes the passage through the House of critical legislation to ensure Australia’s payments regulatory framework is brought up-to-date and urges the Senate to quickly pass this overdue legislation too. The proposed legislation will bring digital wallets, cash distribution services, buy now, pay later schemes and other emerging payment methods within regulatory oversight, significantly… Read more »